STOCKS TELEGRAPH

Category: Mid Day Movers

  • Equillium (NASDAQ: EQ) Gets FDA Green Signal To Start Phase 3 COVID-19 Trial

    Equillium (NASDAQ: EQ) Gets FDA Green Signal To Start Phase 3 COVID-19 Trial

    Shares of Equillium, Inc. (NASDAQ: EQ) soared 28.50% in the pre-trading hours after the company announced that it has got the ‘Study May Proceed Letter’ from the US Food and Drug Administration (FDA). After receiving a green signal from the FDA biotechnology company is planning to commence the COVID-19 Phase III trial, titled EQUINOX.

    In the EQUINOX Phase III trial, the company will officially enroll a total of 800 patients in the fourth quarter of 2020. FDA has also specified that the promising result of the study will also support the regulatory filing of a Biologic License Application (BLA).

    Equilium, Inc. (NASDAQ: EQ) shares were trading up 33.00% at $7.93 at the time of writing on Friday. It has a trading volume of 2.02 million in the pre-market trading session on Friday. Equilium, Inc. (EQ) share price went from a low point of around $2.20 to briefly over $27.05 in the past 52 weeks. It has moved up 172.73% from its 52-weeks low and moved down -77.82% from its 52-weeks high. EQ  market cap has remained high, hitting $144.84 million at the time of writing.

    Itolizumab is a clinical-stage, first-in-class monoclonal antibody that selectively targets the CD6-ALCAM pathway. It is used to treat COVID-19 patients suffering from Acute Respiratory Distress Syndrome (ADS). Itolizumab has the ability to control cytokine cascade that is the basis of multiple complications in COVID-19 Patients. Patients have experienced various complications such as organ failure, blood clots, and tissue damage.

    COVID-19 is continuously spreading all over the world and has infected many patients all around the globe.  Equillium is striving to provide treatment to COVID-19 patients. In the Phase III trial, patients will get either placebo or Itolizumab and they will get up to two doses of either placebo or Itolizumab on Day 1 and Day 8 if necessary.

    All the patients will be closely monitored through Day 28 while hospitalized or through post-discharge follow-up. The main purpose of this study is to evaluate the benefits of itolizumab. The trial will also analyze the safety, tolerability, and pharmacokinetics (PK) of itolizumab.

     

     

     

  • Why Inphi Corporation (NASDAQ: IPHI) Stock Soaring Today?

    Why Inphi Corporation (NASDAQ: IPHI) Stock Soaring Today?

    Inphi Corporation (NASDAQ: IPHI) shares traded up 18.78% during the trading session of Thursday after the company shared its financial results for the third quarter ended September 30, 2020. Its third-quarter revenue jumped $180.7 million as compared to the $94.2 million revenue in the third quarter of 2019. Inphi has recorded an increase of 91.8% year-over-year.

    The record jump in revenue was because of the increasing demands for Cloud and Telecommunication Products and the addition of eSilicon revenues. Semiconductors company has reported the Gross Margin under GAAP of 56.2% as compared to the 57.8% in the 2019 Q3. This decrease is because of the amortization of intangibles related to the eSilicon acquisition and product and revenue mix.

    Furthermore, its GAAP operating income in the third quarter was $6.2 million as compared to the $10.9 million of revenue in 2019. Its GAAP net loss was $3.4 million per diluted common share as compared to the $16.2 million per diluted common share in the third quarter of 2019.

    Inphi Corporation (NASDAQ: IPHI) shares were trading up 18.78% at $131.81 at the time of writing on Thursday. Inphi Corporation (IPHI) share price went from a low point around $55.72 to briefly over $142.00 in the past 52 weeks. It has a trading volume of 2.34 million as compared to the average volume of 939.90K. IPHI market cap has remained high, hitting $5.72 billion at the time of writing.

    Furthermore, Marvell Technology has announced on Thursday that it has decided to buy a rival semiconductor company Inphi for $10 billion in all stock-and-cash deal. This is the second-largest deal of this week between Marvell and Inphi. Earlier this week, Advanced Micro Devices has acquired Xilinx for $35 billion.  Marvell has decided to pay $66 a share in cash and 2.323 shares of stock for each share of Inphi. The deal values Inphi at roughly $157.83 a share.

     

  • Pinterest (NYSE: PINS) Reports Third Quarter Financial Results

    Pinterest (NYSE: PINS) Reports Third Quarter Financial Results

    Pinterest, Inc. (NYSE: PINS) has reported its third-quarter 2020 results for the quarter ended September 30, 2020. Its Q3 revenue was $443 million, increases 58% year over year. Pinterest has reported a net loss of 24%, reached $(94) million. The company revealed that its Global Monthly users (MAUs) have increased by 37% Y/Y to 442 million and its Adjusted EBITDA was $93 million.

    San-Francisco based company reported that users are turning towards Pinterest to get new ideas for making great home schools for their children and to get inspiration for their lives. The company is striving to make its platform home to inspiring content. The company has shown a strong performance in July and continued its performance in the remaining third quarter.

    Pinterest, Inc. (NYSE: PINS) shares were trading up 35.90% at $66.93 at the time of writing on Thursday. Pinterest, Inc. (PINS) share price went from a low point around $10.10 to briefly over $53.87 in the past 52 weeks. It has moved up 562.67% from its 52-weeks low and moved up 24.24% from its 52-weeks high. PINS market cap has remained high, hitting $28.36 Billion at the time of writing.

    Pinterest has also provided a financial outlook for the fourth quarter of 2020. It is anticipating that the Q4 revenue will increase around 60% year over year, a moderate increase compared to our growth rate in Q3. The company will continue to navigate uncertainty given the ongoing COVID-19 pandemic and other factors.

    Previously, Pinterest has selected former Executive Vice President of Programming and Strategy at Disney’s ABC Family and Freeform and former President of Comcast NBCUniversal’s Style Media, Salaam Coleman Smith, to its Board of Directors, starting October 31, 2020. Salaam has a Bachelor’s degree in Science in Industrial Engineering Stanford University graduate

  • Nokia (NYSE: NOK) Announces New Strategic Principles And Operating Model

    Nokia (NYSE: NOK) Announces New Strategic Principles And Operating Model

    Nokia Corporation (NYSE: NOK) has revealed today the first phase of its new strategy, changes to its operating model and Group Leadership team. It has announced that its new strategic principles and a new operating model will be implemented on January 1, 2021. Customer demands are increasing with the new trends of automation and digitization for high-performance networks.

    Nokia is also striving to improve its performance by changing its way to design, implement, manage, and sell its products and solutions. Nokia revealed that it has pinpointed the top four priorities of the company. The first priority is to focus on technology, second priority is to focus on value creation for its current customer base. The third priority is to adopt the opportunity of ‘network-as-a-service’ business models, and the fourth priority is to replace its core strategic idea with a more focused approach.

    Finland-based company has also disclosed its four new business groups that are constructed to provide unique offerings to customers. The new business group includes Mobile networks, IP and Fixed Network, Cloud and Network Services, and Nokia Technologies.

    Mobile networks group will focus on providing mobile access networks to customers. The Communication Equipment company will try to gain leadership in important technologies such as 5G, ORAN, and vRAN in this business group. IP and Fixed Network will deal with IP routing, Fixed networks, and Optical networks.

    The Cloud and Network Services will include the existing Nokia Software business, Nokia’s enterprise solutions, etc.  The fourth business group is Nokia Technologies which will not be changed and Jenni Lukander will continue its presidency in this group.  Additionally, the company also announced the Customer Experience Organization which will act as the voice of customers across all business groups.

    Furthermore, Nokia has also announced the four corporate functions. Four corporate functions include Finance, which will offer cross-company-shared services and is managed by CFO Marco Wirén, Legal and Compliance, which will be controlled by CLO Nassib Abou-Khalil. The third corporate function includes is People, which will engage in human resource management and controlled by CPO Stephanie Werner-Dietz.and the fourth function is Strategy and technology. This function group leader will be chosen later.

    Nokia Corporation (NYSE: NOK)  shares were trading down -4.48% at $4.05 during the trading session of Wednesday. Nokia Corporation’s (NOK) share price went from a low point around $2.34 to briefly over $5.14 in the past 52 weeks.  NOK market cap has remained high, hitting $22.53 Billion at the time of writing

  • Titan Pharmaceuticals (NASDAQ: TTNP) Announces Asset Purchase Agreement With JT Pharmaceuticals

    Titan Pharmaceuticals (NASDAQ: TTNP) Announces Asset Purchase Agreement With JT Pharmaceuticals

    Titan Pharmaceuticals (NASDAQ: TTNP) shares soared 28.71% during the pre-market trading session of Tuesday after the company announced that it has signed an Asset Purchase Agreement with JT Pharmaceuticals, Inc. Titan Pharmaceuticals revealed that it has bought the kappa opioid agonist peptide, JT-09 of JT Pharmaceuticals, for use in combination with Titan’s ProNeura long-term, continuous drug delivery technology, for the treatment of chronic pruritus.

    According to the agreement, JT Pharma has full rights to get Titan’s future milestone payments based on the achievement of regulatory milestones, including possible regulatory approvals for commercialization, as well as payments beyond the single-digit percentage earnings on net sales of the product. The execution of the Asset Purchase Agreement is based on the completion of financing with gross profits of at least $8,000,000 and other closing conditions. 

    Chronic Pruritus is an itching condition on the skin that lasts for more than six weeks and it caused inflammatory skin diseases. Current treatments of this disease are not effective and are leaving undesirable side-effects.

    President and Chief Operating Officer of Titan, Dr. Kate DeVarney said: “Our preliminary non-clinical data reveals that specialized implantation of JT-09 ProNeura Implants could possibly provide JT-09 treatment for a period of six months or more.” The company is planning to conduct additional clinical studies to establish proof-of-concept with the data available in the first half of 2021.

    Titan Pharmaceuticals (NASDAQ: TTNP) shares were trading up 31.83% at $0.1690 at the pre-market trading session of Tuesday. Titan Pharmaceuticals (NASDAQ: TTNP) share price went from a low point around $0.11 to briefly over $0.55 in the past 52 weeks. In the pre-market trading session, it has a trading volume of 18.33 million. TTNP market cap has remained high, hitting $14.32 Million at the time of writing.

  • Miragen Therapeutics (NASDAQ: MGEN) Acquire Viridian Therapeutics

    Miragen Therapeutics (NASDAQ: MGEN) Acquire Viridian Therapeutics

    Miragen Therapeutics, Inc. (NASDAQ: MGEN) shares traded up 125.04% during the pre-market trading session after the biotechnology company has announced that it has acquired Viridian Therapeutics, Inc. Miragen believed that this acquisition will create opportunities for the stockholders of Miragen. At the same time, the company has also announced the agreement for the sale of Series A non-voting convertible preferred stock.

    Miragen Therapeutics also disclosed that it has signed a sale agreement of a Series A preferred stock with a group of institutional accredited investors directed by Fairmount Funds Management LLC. The other institutional investors include Cormorant Asset Management, Perceptive Advisors, Surveyor Capital Commodore Capital, and Ridgeback Capital, Venrock Healthcare Capital Partners, Wellington Management, Ally Bridge Group, Logos Capital, BVF Partners L.P., as well as additional undisclosed institutional investors.

    This private offering will help the company generate a profit of approximately $91 million before subtracting offering and agent expenses. It has disclosed that the profit from the private offering will be used to move forward the clinical studies of VRDN-001.

    VRDN-001 is a clinical-stage insulin-like growth factor-1 receptor (IGF-1R) monoclonal antibody (mAb). VRDN-001 is the important candidate of Miragen Therapeutics used for the treatment of Thyroid eye disease (TED). Miragen anticipates that it will start a Phase II clinical trial of VRDN-001 in TED in 2021.

    The global rights to make and commercialize VRDN-001 that do not use radiopharmaceuticals, including TED treatment, were licensed by Veriden of ImmunoGen Inc. As per the agreement, ImmunoGen has got the upfront payment and royalty payments.

    Miragen Therapeutics, Inc. (NASDAQ: MGEN) shares were trading up 113.50% at $1.110 during the pre-market trading session of Wednesday. In the pre-market trading session, it has recorded a trading volume of 26.96 million. Miragen Therapeutics, Inc. (MGEN) share price went from a low point around $0.31 to briefly over $2.27 in the past 52 weeks. MGEN market cap has remained high, hitting $29.18 Million at the time of writing.

  • Why Scholar Rock (NASDAQ: SRRK) Stock Jumping Today?

    Why Scholar Rock (NASDAQ: SRRK) Stock Jumping Today?

    Shares of Scholar Rock Holding Corporation (NASDAQ: SRRK) soared 118.80% on Tuesday after the company announced that it is planning to offer and sell $150,000,000 of shares of its common stock in an underwritten public offering. Additionally, Scholar Rock decided to give a 30-day option of an additional purchase of $22,500,000 of shares of common stock to underwriters in a public offering.

    Scholar Rock Holding Corporation is offering all of the shares and the offering is dependant on market and the certain closing conditions. There is no guarantee as to whether or when the offer can be fulfilled, or whether the offer is in actual size or in accordance with the terms.

    It has been revealed that the joint-book running managers for the offering are J.P. Morgan Securities LLC, Jefferies LLC, and Credit Suisse Securities (USA) LLC. The lead manager for the offering is BMO Capital Markets Corp. Scholar Rock is planning to use the profit from the offering to pursue SRK-015 in Spinal Muscular Atrophy.

    Scholar Rock Holding Corporation (NASDAQ: SRRK) shares were trading up 118.80% at $30.02 during the trading session of Tuesday. Scholar Rock Holding Corporation (NASDAQ: SRRK) share price went from a low point around $6.95 to briefly over $21.92 in the past 52 weeks. It has traded up 331.94% and 36.95% from its 52-weeks low and 52-weeks high. SRRK market cap has remained high, hitting $877.78 M at the time of writing.

    A biotechnology company has revealed promising results from a Phase II study analyzing experimental drug SRK-015 in treating patients with type 2 and type 3 spinal muscular atrophy (SMA). Scholar Rock Holding has disclosed improvements in significant motor function for all three treatment cohorts in the phase 2 study of SRK-015 at the six-month mark following treatment. The study revealed that 67% of the patients have shown improvement at one point in Hammersmith scale scores after receiving SRK-015.

     

  • SPI Energy (NASDAQ: SPI) Announces Plan To Spin Off Solar Juice

    SPI Energy (NASDAQ: SPI) Announces Plan To Spin Off Solar Juice

    SPI Energy Co, Ltd. (NASDAQ: SPI) has announced that it has received the approval of the Boards of Directors of the Company to spin-off its Solar Juice Co., Ltd. unit through an initial public offering. It has revealed that it will maintain its majority ownership of Solar Juice after the spin-off.

    The company believed that if the spin-off will be successful it will be able to open the door of new growth. Solar Juice is the leader in the Asia Pacific market and best known for selling solar panels, EV charger, Solar system, and renewable energy solution for the residential and commercial markets.

    SPI Energy Co, Ltd has also dislcosed that it has completed the settlement with the minority stockholders of Solar Juice Australia. After the settlement, the lawsuit has been dismissed.

    SPI has earlier revealed in the Annual Report on Form 20-F, in May 2020, Solar Juice Co. Ltd that it has started legal action against its other shareholders and some of its other directors and claimed directors and against Solar Juice Australia together with Mr. Kun Fong Lee and Mr. Jinhan Zhou.

    The proceedings have been pursued in the Federal court of Austalia as plaintiffs by SPI. The complaint has been lodged against the new rights issues handled by Solar Juice Australia and against the appointment of an additional director after removing Mr. Kun Fong Lee and Mr. Jinhan Zhou as directors.  The Federal Court of Australia has ordered that the new appointment orders are invalid.

    SPI Energy Co, Ltd. (NASDAQ: SPI)  shares were trading up 16.12% at $9.22 at the time of writing on Tuesday. It had a trading volume of 10.29 million as compared to the average volume of 8.93 million. SPI Energy Co, Ltd. (SPI) share price went from a low point around $0.55 to briefly over $46.67 in the past 52 weeks. It has moved up 1576.36% from its 52-weeks low and moved down -80.24% from its 52-weeks high. SPI market cap has remained high, hitting $139.11 Million at the time of writing.

     

  • Micron Technology (NASDAQ: MU) Join Forces With Tata Communcations To Deploy IoT Devices

    Micron Technology (NASDAQ: MU) Join Forces With Tata Communcations To Deploy IoT Devices

    Micron Technology, Inc. (NASDAQ:MU) revealed today that it has collaborated with Tata Communications to speed up the deployment of IoT devices. Both companies decided to establish a partnership to create a worldwide cellular-enabled connectivity solution. This solution will provide a flexible, scalable substitute for traditional physical SIM cards.

    This solution will be powered by a new virtual SIM. It will be enabled by Micron’s Authenta Key Management Service (KMS). IoT solutions can give support to businesses and make them productive and efficient. Internet of Things (IoT) also brings new innovations and opportunities.

    Tata Communications MOVE™ Global IoT Solution will provide an end-to-end solution for zero-touch onboarding of connected IoT devices to cloud services across 200 countries and territories with this new technology. This process is supported by 600 mobile network operators worldwide.

    Micron Technology, Inc. (NASDAQ: MU) shares were trading down 1.34% at $52.14 during the trading session of  Monday. Micron Technology, Inc. (MU) share price went from a low point around $31.13 to briefly over $61.19 in the past 52 weeks. It had a trading volume of 11.68 million as compared to the average volume of 18.85 million. MU market cap has remained high, hitting $59.72 Billion at the time of writing.

    The industry has earlier anticipated the deployment of 50 billion IoT devices by 2020, but the actual deployment was 9 billion deployments of IoT devices. Tata Communications will provide a cloud-based eSIM for IoT, supported by Micron’s flash-based identity platform Authenta KMS. The solution will provide seamless global connectivity, highly scalable IoT security, Pay-as-you-go flexibility, and on-demand cellular-enabled subscription.

  • Advanced Micro Devices (NASDAQ:AMD) Announces Acquisition Of Xilinx

    Advanced Micro Devices (NASDAQ:AMD) Announces Acquisition Of Xilinx

    Advanced Micro Devices, Inc. (NASDAQ:AMD) announced today the plan to acquire chip peer Xilinx, Inc (NASDAQ: XLNX). AMD signed a $35 billion acquisition agreement with Xilinx in an all-stock transaction. This acquisition will make a high-performance computing company and AMD will be able to expand its product portfolio. AMD and Xilinx, Inc. both deal in complementary product portfolios and customers.

    The transaction is anticipated to increase AMD margins, EPS, and free cash flow production immediately and lead to industry-leading growth. Advanced Micro Devices is involved in the production of high-performance processor technologies, combining CPUs, GPUs, FPGAs, Adaptive SoCs, and deep software expertise to enable leadership computing platforms for cloud, edge, and end devices.

    As per the agreement, the shareholders of Xilinx will get a fixed exchange ratio of 1.7234 shares of AMD common stock for each share of Xilinx common stock they are owing at the closing of the transaction. Based on the exchange ratio, this represents approximately $143 per share of Xilinx common stock. AMD is anticipating to gain operational efficiencies of approximately $300 million within 18 months of closing the transaction.

    AMD has also announced the 2020 Third quarter financial results. AMD has reported a revenue of $2.80 billion, and a net income of $390 million. Semiconductors company recorded an operating income of $449 million and diluted earnings per share of $0.32. Its Gross Margin increased 44% and revenue was up 56% year-over-year.

    Advanced Micro Devices, Inc. (NASDAQ: AMD) shares were trading up 0.33% at $82.33 during the trading session of Monday. Its shares trading down -4.23% during the pre-market trading session of Tuesday. AMD market cap has remained high, hitting $93.55 billion at the time of writing.  While the Shares of Xilinx (NASDAQ: XLNX)  up 10.00% during the pre-market trading session of Tuesday. It has a total market capitalization of $27.08 billion.

    AMD strives to become the high-performance computing leader and aimed to become the partner of choice for the largest technology companies in the world. This acquisition will create value for shareholders of both the semiconductors companies. The team of Xilinx is considered to be the strongest team in the industry.